KUALA LUMPUR (May 11): RNG Tech Bhd, which operates vending massage chair service, said it has signed an agreement to get M&A Securities to underwrite its ACE Market listing.

The initial public offering (IPO) is expected to be launched by the third quarter, the company said in a statement. Under the agreement, M&A Securities will underwrite issue shares made available to the Malaysian public via balloting and eligible persons under the “pink form” allocation.

“The signing of this underwriting agreement marks a significant milestone in our IPO journey,” said RNG Tech managing director Sophia Tan Sok Fei. “It supports our plans to further scale our network, particularly across strategic, high-traffic locations in both Malaysia and regional markets.”

RNG Tech owns more than 4,000 vending massage chairs under the “Rest N Go” brand in Malaysia, Singapore, Thailand, Cambodia and Brunei. The company claims to be the largest vending massage chair operator by revenue in Malaysia, commanding more than two-thirds of the market share.

The company has another 2,340 vending massage chairs deployed in Vietnam and the Philippines under licensing arrangements.

“The IPO will enable us to accelerate our next phase of growth by deploying more vending massage chairs, improving the customer experience at our RNG stations and premium outlets, and enhancing the visibility of the Rest N Go brand,” said Tan.

Proceeds from the public issue will be channelled towards setting up new stations and premium outlets, refurbishing and upgrading existing outlets, and repaying borrowings, according to a draft prospectus released in September 2025.

Tan and her husband Datuk Goh Cheh Yak will pocket the proceeds from an offer for sale of existing shares under the IPO. Goh, who is also co-founder of RNG Tech, stepped back from day-to-day operations to focus on expanding Gintell that sells massage chairs and fitness equipment. 

M&A Securities is also the adviser, sponsor, underwriter and placement agent for the IPO.